{"success":true,"data":{"pressRelease":{"id":"145162","rtpr_id":"nGNE4xmL27-20260916","ticker":"NTN","exchange":"LSE","all_tickers":["NTN"],"title":"REG-Publication of an Offer Document","author":"Globe Newswire","published_at":"2026-09-16T12:30:00.067Z","article_body":"16 SEPTEMBER 2026\n\nNORTHERN 3 VCT PLC\n\nPUBLICATION OF AN OFFER DOCUMENT\n\nNorthern 3 VCT PLC (“the Company”) announces that, in conjunction with\nNorthern Venture Trust PLC and Northern 2 VCT PLC (together with the Company\nknown as “the Northern VCTs”), it has published an offer document (“the\nOffer Document”) in relation to offers of new ordinary shares for\nsubscription in the 2026/27 tax year (“the Offers”). The Offers seek to\nraise £10 million for each of the Company, Northern Venture Trust PLC and\nNorthern 2 VCT PLC, £30 million in aggregate.\n\nThe Offers will open to applications at 8.00am on 30 September 2026 and\napplications for new shares in the Company will be dealt with on a\n“first-come, first-served” basis. In recognition of the loyalty of the\nNorthern VCT shareholders, existing shareholders on the register of members of\nany of the Northern VCTs as at 10 June 2026, along with their spouse or civil\npartner, whose applications for shares in any of the Northern VCTs are\naccepted, will benefit from a reduction of 0.5% in the offer costs applicable\nto their subscription. The Offers will remain open until 12 noon on 31 March\n2027, unless fully subscribed at an earlier date and subject to the\nDirectors’ right to close any of the Offers at any time. There will be a\nfirst allotment at the end of November 2026. To be allocated shares in the\nfirst allotment, funded valid applications must be received by 5.00pm on 23\nNovember 2026.\n\nPursuant to an offer agreement between Mercia Fund Management Limited\n(“Mercia”), the Northern VCTs’ investment adviser/manager and promoter,\nthe Northern VCTs and others, Mercia will, in respect of the services provided\nin connection to the Offers, receive up to a maximum of 5.5% (or 3.0% where no\ncommission is payable) of the aggregate amounts of the subscription monies as\nreceived by the Northern VCTs pursuant to the Offers (the “Promoter's\nFee”). Pursuant to the offer agreement, Mercia agrees that it will pay all\ncosts, charges, fees and expenses payable by the Northern VCTs or Mercia in\nconnection with, or incidental to, the Offers and the admission of the\nordinary shares of the Northern VCTs issued pursuant to the Offers.\n\nMercia, as the investment manager of the Company, is a related party of the\nCompany under UK Listing Rule 11.5.3R, and the arrangements to pay the\nPromoter's Fee to Mercia (as they relate to each of the Northern VCTs)\nconstitutes a relevant related party transaction of the Company of an adequate\nsize under UK Listing Rule 11.5.4R for UK Listing Rule 8.2.1R(1) to (4) to\napply. The board of the Company believes that the transaction is fair and\nreasonable as far as the shareholders of the Company are concerned and have\nbeen provided with written confirmation of this by Howard Kennedy Corporate\nServices LLP as sponsor to the Company.\n\nThe Offer Document, describing the key features of the Offers will be sent to\nregistered shareholders in accordance with their communication preferences, as\nsoon as possible.\n\nA downloadable version of the Offer Document is available from:\nwww.mercia.co.uk/vct-share-offers/. Additionally, a copy is available free of\ncharge, from the Company’s registered office at Forward House, 17 High\nStreet, Henley-in-Arden B95 5AA or by calling Mercia on 0330 223 1430.\n\nEnquiries:\n\nSarah Williams / James Sly, Mercia Fund Management Limited - 0330 223 1430\n\nWebsite: www.mercia.co.uk/vcts\n\nNeither the contents of the Mercia Asset Management PLC website, nor the\ncontents of any website accessible from hyperlinks on the Mercia Asset\nManagement PLC website (or any other website), are incorporated into, or form\npart of, this announcement.","article_body_html":"","raw_payload":{"data":{"id":"nGNE4xmL27-20260916","title":"REG-Publication of an Offer Document","author":"Globe Newswire","ticker":"NTN","created":"2026-09-16T12:30:00.067Z","tickers":["NTN"],"exchange":"LSE","article_body":"16 SEPTEMBER 2026\n\nNORTHERN 3 VCT PLC\n\nPUBLICATION OF AN OFFER DOCUMENT\n\nNorthern 3 VCT PLC (“the Company”) announces that, in conjunction with\nNorthern Venture Trust PLC and Northern 2 VCT PLC (together with the Company\nknown as “the Northern VCTs”), it has published an offer document (“the\nOffer Document”) in relation to offers of new ordinary shares for\nsubscription in the 2026/27 tax year (“the Offers”). The Offers seek to\nraise £10 million for each of the Company, Northern Venture Trust PLC and\nNorthern 2 VCT PLC, £30 million in aggregate.\n\nThe Offers will open to applications at 8.00am on 30 September 2026 and\napplications for new shares in the Company will be dealt with on a\n“first-come, first-served” basis. In recognition of the loyalty of the\nNorthern VCT shareholders, existing shareholders on the register of members of\nany of the Northern VCTs as at 10 June 2026, along with their spouse or civil\npartner, whose applications for shares in any of the Northern VCTs are\naccepted, will benefit from a reduction of 0.5% in the offer costs applicable\nto their subscription. The Offers will remain open until 12 noon on 31 March\n2027, unless fully subscribed at an earlier date and subject to the\nDirectors’ right to close any of the Offers at any time. There will be a\nfirst allotment at the end of November 2026. To be allocated shares in the\nfirst allotment, funded valid applications must be received by 5.00pm on 23\nNovember 2026.\n\nPursuant to an offer agreement between Mercia Fund Management Limited\n(“Mercia”), the Northern VCTs’ investment adviser/manager and promoter,\nthe Northern VCTs and others, Mercia will, in respect of the services provided\nin connection to the Offers, receive up to a maximum of 5.5% (or 3.0% where no\ncommission is payable) of the aggregate amounts of the subscription monies as\nreceived by the Northern VCTs pursuant to the Offers (the “Promoter's\nFee”). Pursuant to the offer agreement, Mercia agrees that it will pay all\ncosts, charges, fees and expenses payable by the Northern VCTs or Mercia in\nconnection with, or incidental to, the Offers and the admission of the\nordinary shares of the Northern VCTs issued pursuant to the Offers.\n\nMercia, as the investment manager of the Company, is a related party of the\nCompany under UK Listing Rule 11.5.3R, and the arrangements to pay the\nPromoter's Fee to Mercia (as they relate to each of the Northern VCTs)\nconstitutes a relevant related party transaction of the Company of an adequate\nsize under UK Listing Rule 11.5.4R for UK Listing Rule 8.2.1R(1) to (4) to\napply. The board of the Company believes that the transaction is fair and\nreasonable as far as the shareholders of the Company are concerned and have\nbeen provided with written confirmation of this by Howard Kennedy Corporate\nServices LLP as sponsor to the Company.\n\nThe Offer Document, describing the key features of the Offers will be sent to\nregistered shareholders in accordance with their communication preferences, as\nsoon as possible.\n\nA downloadable version of the Offer Document is available from:\nwww.mercia.co.uk/vct-share-offers/. Additionally, a copy is available free of\ncharge, from the Company’s registered office at Forward House, 17 High\nStreet, Henley-in-Arden B95 5AA or by calling Mercia on 0330 223 1430.\n\nEnquiries:\n\nSarah Williams / James Sly, Mercia Fund Management Limited - 0330 223 1430\n\nWebsite: www.mercia.co.uk/vcts\n\nNeither the contents of the Mercia Asset Management PLC website, nor the\ncontents of any website accessible from hyperlinks on the Mercia Asset\nManagement PLC website (or any other website), are incorporated into, or form\npart of, this announcement."},"type":"article","timestamp":"2026-09-16T12:30:00.216649814Z","server_sent_at_ms":1789561800216},"received_at":"2026-09-16T12:30:00.303Z","source_url":null},"analysis":{"id":"134004","press_release_id":"145162","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":["Promoter's fee of up to 5.5% of subscription monies payable to Mercia, a related party of the Company under UK Listing Rule 11.5.3R","Directors retain the right to close any of the offers at any time"],"eventType":"offering","narrative":"Northern 3 VCT PLC, together with Northern Venture Trust PLC and Northern 2 VCT PLC, has published an offer document seeking to raise £10 million per trust, £30 million in aggregate, through offers of new ordinary shares for subscription in the 2026/27 tax year.\n\nThe offers open at 8.00am on 30 September 2026 on a first-come, first-served basis and close at 12 noon on 31 March 2027 unless fully subscribed earlier, with funded applications for the first allotment (end of November 2026) due by 5.00pm on 23 November 2026.\n\nExisting shareholders on the register as of 10 June 2026, along with their spouse or civil partner, receive a 0.5% reduction in offer costs, while manager and related party Mercia Fund Management earns a Promoter's Fee of up to 5.5% of subscription monies (3.0% where no commission is payable).\n\nThe Northern 3 VCT board considers the related-party arrangements fair and reasonable, with written confirmation from sponsor Howard Kennedy Corporate Services LLP.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine annual VCT fundraising — £30M joint tax-year offer across the three Northern VCTs with standard related-party promoter-fee disclosure; file as background rather than post."},"keyFigures":{"customDimensions":{"offer_open_date":"30 September 2026","offer_close_date":"31 March 2027","promoters_fee_max":"5.5%","loyalty_record_date":"10 June 2026","first_allotment_deadline":"23 November 2026","target_raise_per_vct_gbp":10000000,"aggregate_target_raise_gbp":30000000,"loyalty_offer_cost_discount":"0.5%","promoters_fee_no_commission":"3.0%"}},"namedEntities":{"people":[{"name":"Sarah Williams","role":"Mercia Fund Management enquiries contact"},{"name":"James Sly","role":"Mercia Fund Management enquiries contact"}],"products":["New ordinary shares for subscription (2026/27 tax year Offers)"],"companies":[{"name":"Northern 3 VCT PLC","ticker":"NTN","relationship":"filer/issuer"},{"name":"Northern Venture Trust PLC","relationship":"co-offering sister VCT"},{"name":"Northern 2 VCT PLC","relationship":"co-offering sister VCT"},{"name":"Mercia Fund Management Limited","relationship":"investment adviser/manager, promoter and related party"},{"name":"Mercia Asset Management PLC","relationship":"parent of manager, website referenced"},{"name":"Howard Kennedy Corporate Services LLP","relationship":"sponsor"}],"dollarAmounts":[{"amount":"£10 million","context":"target raise for each of the three Northern VCTs"},{"amount":"£30 million","context":"aggregate target raise across the Northern VCTs"}]},"materialImpact":{"score":2,"reasoning":"Routine annual VCT fundraising: Northern 3 VCT is seeking £10 million via new share subscriptions (£30 million across the three Northern VCTs), a standard tax-year offer for UK Venture Capital Trusts with no change to strategy or operations. The related-party promoter-fee disclosure is governance boilerplate under UK Listing Rules."},"tickerRelevance":{"others":[],"primary":"NTN"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":["dilution"],"importanceComponents":{"tickerTier":"small-cap UK VCT","eventGravity":"routine annual fundraising offer","sectorWeight":"closed-end fund, niche retail audience","issuerAuthored":true,"householdBrandBoost":false,"retailFavoriteBoost":false}},"event_type":"offering","event_type_secondary":["dilution"],"sentiment":"neutral","material_impact_score":2,"narrative":"Northern 3 VCT PLC, together with Northern Venture Trust PLC and Northern 2 VCT PLC, has published an offer document seeking to raise £10 million per trust, £30 million in aggregate, through offers of new ordinary shares for subscription in the 2026/27 tax year.\n\nThe offers open at 8.00am on 30 September 2026 on a first-come, first-served basis and close at 12 noon on 31 March 2027 unless fully subscribed earlier, with funded applications for the first allotment (end of November 2026) due by 5.00pm on 23 November 2026.\n\nExisting shareholders on the register as of 10 June 2026, along with their spouse or civil partner, receive a 0.5% reduction in offer costs, while manager and related party Mercia Fund Management earns a Promoter's Fee of up to 5.5% of subscription monies (3.0% where no commission is payable).\n\nThe Northern 3 VCT board considers the related-party arrangements fair and reasonable, with written confirmation from sponsor Howard Kennedy Corporate Services LLP.","key_figures":{"customDimensions":{"offer_open_date":"30 September 2026","offer_close_date":"31 March 2027","promoters_fee_max":"5.5%","loyalty_record_date":"10 June 2026","first_allotment_deadline":"23 November 2026","target_raise_per_vct_gbp":10000000,"aggregate_target_raise_gbp":30000000,"loyalty_offer_cost_discount":"0.5%","promoters_fee_no_commission":"3.0%"}},"named_entities":{"people":[{"name":"Sarah Williams","role":"Mercia Fund Management enquiries contact"},{"name":"James Sly","role":"Mercia Fund Management enquiries contact"}],"products":["New ordinary shares for subscription (2026/27 tax year Offers)"],"companies":[{"name":"Northern 3 VCT PLC","ticker":"NTN","relationship":"filer/issuer"},{"name":"Northern Venture Trust PLC","relationship":"co-offering sister VCT"},{"name":"Northern 2 VCT PLC","relationship":"co-offering sister VCT"},{"name":"Mercia Fund Management Limited","relationship":"investment adviser/manager, promoter and related party"},{"name":"Mercia Asset Management PLC","relationship":"parent of manager, website referenced"},{"name":"Howard Kennedy Corporate Services LLP","relationship":"sponsor"}],"dollarAmounts":[{"amount":"£10 million","context":"target raise for each of the three Northern VCTs"},{"amount":"£30 million","context":"aggregate target raise across the Northern VCTs"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-16T12:30:51.881Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"small-cap UK VCT","eventGravity":"routine annual fundraising offer","sectorWeight":"closed-end fund, niche retail audience","issuerAuthored":true,"householdBrandBoost":false,"retailFavoriteBoost":false}},"durationMs":51574,"modelName":"glm-5.3-flash"}}